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Tuesday, 1 June 2021

Speaking of work: If your relative dies from Corona, you have to file an income tax return, find out what the rules are.

Speaking of work: If your relative dies from Corona, you have to file an income tax return, find out what the rules are.

Many have lost loved ones to the Corona epidemic. It is often the case that an income tax return is not filed after the death of the taxpayer, but it is wrong to do so. According to the Income Tax Act, it is mandatory to file an Income Tax Return (ITR) for any person whose income falls within the taxable limit in the relevant financial year, even if he has not died.

Who will have to pay tax after the death of the taxpayer?

After the death of a person, the responsibility of paying income tax of that person lies with his heirs. After filing an ITR for a deceased taxpayer, the Income Tax Department permanently closes the account of that deceased taxpayer. In fact the income is assessed from the beginning of the financial year to the date of death of the taxpayer to file the return of the deceased. Income tax returns of deceased family members are filed by the legal heir or legal representative.

What is the rule for taking it?

Under section 159 of the Income Tax Act 1961, if a person dies, his legal heir has to pay tax. So if you are a legal heir, first you have to contact the income tax department and register yourself as the legal representative of the deceased. It is then allowed to file an IT return on behalf of the deceased taxpayer.

If the taxpayer has not prepared a will before his death, then according to the Indian Succession Rule, the person who is entitled to the deceased's property has to comply with the income tax liability.

How will the deceased's income be calculated?

As a rule, income from the beginning of the financial year to death is considered the income of the deceased. Income received from property inherited from the deceased is considered taxable.

What will the heir have to do?

After the death of the taxpayer, the responsibility of filing the return falls on his successor. Only the heir has to file his return and pay income tax. Apart from that, if any notice is issued before death, the responsibility will also remain with the heir. His proceedings may continue against the heir from the date of death. That is why it is better to dispose of everything on time.

This document is required

A bank statement, investment document and other relevant documents are required to file a return so that the income tax can be assessed. To file a return of a deceased person as a legal heir, one has to first register with the IT department. This process requires a death certificate, a deceased person's pen card, a legal heir's self-attested pen card and a copy of the legal heir's certificate.



It is also necessary to cancel the pen card

It needs to be canceled after the person dies. The legal heir of the person or the relative of the person can apply to the income tax department to cancel the pen card. After filing the return and paying the outstanding tax, the assessment officer has to submit a written application to cancel the pen. The income tax department will cancel the pen card after verifying the application.

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